Document

Statistical Supplement

Second Quarter 2026


			Lincoln Financial
			Table of Contents


			Notes .................................................................................................................................................................................................................................................................			1-3
			Credit Ratings ...................................................................................................................................................................................................................................................			4
			Consolidated
			Consolidated Statements of Income (Loss) ................................................................................................................................................................................................			5
			Consolidated Balance Sheets .......................................................................................................................................................................................................................			6-7
			Earnings, Shares and Return on Equity .........................................................................................................................................................................................................			8
			Key Stakeholder Metrics ...............................................................................................................................................................................................................................			9
			Select Earnings Drivers By Segment ............................................................................................................................................................................................................			10
			Sales By Segment ..........................................................................................................................................................................................................................................			11
			Operating Revenues and General and Administrative Expenses By Segment and Other Operations......................................................................................................			12
			Operating Commissions and Other Expenses .............................................................................................................................................................................................			13

			Select Earnings and Operational Data from Business Segments and Other Operations

			Annuities .........................................................................................................................................................................................................................................................			14
			Life Insurance ................................................................................................................................................................................................................................................			15
			Group Protection ............................................................................................................................................................................................................................................			16
			Retirement Plan Services ..............................................................................................................................................................................................................................			17
			Other Operations ............................................................................................................................................................................................................................................			18
			Account Balance Roll Forwards
			Annuities ......................................................................................................................................................................................................................................................			19-20
			Life Insurance ..............................................................................................................................................................................................................................................			21
			Retirement Plan Services ............................................................................................................................................................................................................................			22
			Investment Information
			Fixed-Income Asset Class .............................................................................................................................................................................................................................			23
			Fixed-Income Credit Quality ..........................................................................................................................................................................................................................			24
			GAAP to Non-GAAP Reconciliations
			Select GAAP to Non-GAAP Reconciliations .................................................................................................................................................................................................			25-29

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Lincoln Financial

Notes

Non-GAAP Measures

Non-GAAP measures do not replace the most directly comparable GAAP measures, and we have included detailed reconciliations herein beginning on page 25.

Adjusted Income (Loss) From Operations

Adjusted income (loss) from operations is GAAP net income (loss) excluding the effects of the following items, as applicable:

• Items related to annuity product features, which include changes in market risk benefits (“MRBs”), changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits, and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products (collectively, “net annuity product features”);

• Items related to life insurance product features, which include changes in the fair value of derivatives we hold as part of variable universal life insurance (“VUL”) hedging, changes in reserves resulting from benefit ratio unlocking associated with the impact of capital markets, and changes in the fair value of the embedded derivative liabilities of our indexed universal life insurance (“IUL”) contracts and the associated index options we hold to hedge them (collectively, “net life insurance product features”);

• Credit loss-related adjustments on fixed maturity available-for-sale (“AFS”) securities, mortgage loans on real estate and reinsurance-related assets (“credit loss-related adjustments”);

• Changes in the fair value of equity securities and certain other investments, the impact of certain derivatives, and realized gains (losses) on sales, disposals and impairments of financial assets (collectively, “investment gains (losses)”);

• Changes in the fair value of reinsurance-related embedded derivatives, trading securities and mortgage loans on real estate electing the fair value option (“changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans”);

• Income (loss) from the initial adoption of new accounting standards, accounting policy changes and new regulations, including changes in tax law;

• Income (loss) from reserve changes, net of related amortization, on business sold through reinsurance;

• Losses from the impairment of intangible assets and gains (losses) on other non-financial assets;

• Income (loss) from discontinued operations;

• Other items, which include the following: certain legal and regulatory accruals; severance expense related to initiatives that realign the workforce; transaction, integration and other costs related to mergers and acquisitions including the acquisition or divestiture, through reinsurance or other means, of businesses or blocks of business, and certain other corporate initiatives; mark-to-market adjustment related to the LNC stock component of our deferred compensation plans (“deferred compensation mark-to-market adjustment”); gains (losses) on modification or early extinguishment of debt; and impacts from settlement or curtailment of defined benefit obligations; and

• Income tax benefit (expense) related to the above pre-tax items, including the effect of tax adjustments such as changes to deferred tax valuation allowances.

Adjusted income (loss) from operations available to common stockholders is defined as after-tax adjusted income (loss) from operations less preferred stock dividends.

Adjusted Operating Revenues

Adjusted operating revenues represent GAAP revenues excluding the effects of the following items, as applicable:

• Changes in the fair value of the derivative instruments we hold to hedge guaranteed living benefit (“GLB”) and guaranteed death benefit (“GDB”) riders inclusive of income allocated to support the cost of hedging or future benefits, and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity and IUL products (“revenue adjustments from annuity and life insurance product features”);

• Credit loss-related adjustments;

• Investment gains (losses);

• Changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans;

• Revenue adjustments from the initial adoption of new accounting standards;

• Amortization of deferred gains arising from reserve changes on business sold through reinsurance; and

• Gains (losses) on other non-financial assets.

Management believes that the use of the non-GAAP financial measures adjusted income (loss) from operations, adjusted income (loss) from operations available to common stockholders, adjusted income (loss) from operations per diluted share available to common stockholders and adjusted operating revenues is helpful to investors in evaluating the company’s performance.

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Lincoln Financial

Notes

Non-GAAP Measures, Continued

Management believes that excluding the following items from adjusted income (loss) from operations enhances understanding of the underlying trends and long-term performance of the company’s business. Management excludes “net annuity product features” as this adjustment primarily represents the difference between the valuation of reserves and the valuation of derivatives utilized for hedging our variable annuity and indexed annuity products, which can fluctuate significantly from period to period based on changes in equity markets and interest rates. This difference is due to the hedge focus on managing risks to statutory capital as opposed to the GAAP reserves. Management excludes “net life insurance product features” for similar reasons. In addition, management excludes “credit loss-related adjustments” and “investment gains (losses)” as the timing of changes in allowances or sales of credit-impaired investments depends largely on market credit cycles and can vary considerably from period to period and the timing of other sales of investments that would result in gains or losses is driven by market conditions, including interest rates, and other factors. Management excludes “changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans” as this adjustment represents the economics of investments in underlying funds withheld portfolios supporting reinsurance agreements that have been transferred to third-party reinsurers, which is not indicative of our ongoing results.

Finally, management excludes from adjusted income (loss) from operations certain additional items (as set forth in the definition above) that are not necessarily indicative of current operating fundamentals or future performance of the business segments, and, in most instances, decisions regarding these items do not necessarily relate to the operations of the individual segments. Management believes excluding these items better explains the results of the company’s ongoing businesses in a manner that allows for enhanced understanding of underlying trends, company performance and business fundamentals.

Stockholders’ Equity, Excluding AOCI and Preferred Stock

Stockholders’ equity, excluding accumulated other comprehensive income (loss) (“AOCI”) and preferred stock is stockholders’ equity, excluding AOCI and preferred stock. Management believes this metric is useful to investors to analyze our net worth because it eliminates market movements that can fluctuate significantly from period to period, primarily related to changes in interest rates. Stockholders’ equity is the most directly comparable GAAP measure.

Adjusted Stockholders’ Equity

Adjusted stockholders’ equity is stockholders’ equity, excluding AOCI, preferred stock, changes in MRBs, GLB and GDB hedge instruments gains (losses), and the difference between amounts recognized in net income (loss) on reinsurance-related embedded derivatives and the underlying asset portfolios (“reinsurance-related embedded derivatives and portfolio gains (losses)”). Management believes this metric is useful to investors to analyze our net worth because it eliminates the effect of market movements that can fluctuate significantly from period to period, primarily related to changes in equity markets and interest rates. Stockholders’ equity is the most directly comparable GAAP measure.

Book Value per Share, Excluding AOCI

Book value per share, excluding AOCI, is calculated by dividing stockholders’ equity, excluding AOCI and preferred stock, by common shares outstanding. Management believes that using book value per share, excluding AOCI enables investors to analyze the amount of our net worth that is attributable to our business operations. Book value per share, excluding AOCI, is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Book value per share is the most directly comparable GAAP measure.

Adjusted Book Value per Share

Adjusted book value per share is calculated by dividing adjusted stockholders’ equity by common shares outstanding. Management believes that using adjusted book value per share enables investors to analyze the amount of our net worth that is attributable to our business operations. Adjusted book value per share is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in equity markets and interest rates. Book value per share is the most directly comparable GAAP measure.

Adjusted Income (Loss) From Operations Available to Common Stockholders, Excluding AOCI and Preferred Stock ROE

Adjusted income (loss) from operations available to common stockholders, excluding AOCI and preferred stock ROE is calculated by dividing annualized adjusted income (loss) from operations available to common stockholders by average stockholders’ equity, excluding AOCI and preferred stock. Management believes this metric is useful to investors because it eliminates the effect of market movements on ROE that can fluctuate significantly from period to period, primarily related to changes in interest rates. Net income (loss) ROE is the most directly comparable GAAP measure.

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Lincoln Financial

Notes

Non-GAAP Measures, Continued

Adjusted Income (Loss) From Operations ROE

Adjusted income (loss) from operations ROE is calculated by dividing annualized adjusted income (loss) from operations available to common stockholders by adjusted average stockholders’ equity. Management believes this metric is useful to investors because it eliminates the effect of market movements on ROE that can fluctuate significantly from period to period, primarily related to changes in equity markets and interest rates. Net income (loss) ROE is the most directly comparable GAAP measure.

Computations

• The quarterly financial information for the current year may not sum to the corresponding year-to-date amount as both are rounded to millions.

• The financial ratios reported herein are calculated using whole dollars instead of dollars rounded to millions.

• We exclude deferred units of LNC stock that are antidilutive from our diluted net income (loss) and adjusted income (loss) from operations earnings per share calculations.

Definitions

Holding company available liquidity consists of cash and invested cash, excluding cash held as collateral, and certain short-term investments that can be readily converted into cash, net of commercial paper outstanding.

Return on equity (“ROE”) measures how efficiently we generate profits from the resources provided by our net assets. See adjusted income (loss) from operations ROE above and adjusted income (loss) from operations available to common stockholders, excluding AOCI and preferred stock ROE on page 2 for further information on how these metrics are calculated. Management evaluates consolidated ROE by both including and excluding the effect of average goodwill.

Leverage ratio is a measure that we use to monitor the level of our debt relative to our total capitalization. Debt used in this metric reflects total debt and preferred stock adjusted for certain items.

Total capitalization reflects debt used in the numerator of this ratio and stockholders' equity adjusted for certain items.

Sales as reported consist of the following:

• Annuities and Retirement Plan Services – deposits from new and existing customers;

• Universal life insurance (“UL”), IUL, VUL – first-year commissionable premiums plus 5% of excess premiums received;

• MoneyGuard® linked-benefit products – MoneyGuard® (UL) and MoneyGuard Market AdvantageSM (VUL), 150% of commissionable premiums;

• Executive Benefits – insurance and corporate-owned UL and VUL, first-year commissionable premiums plus 5% of excess premium received, and single premium bank-owned UL and VUL, 15% of single premium deposits;

• Term – 100% of annualized first-year premiums; and

• Group Protection – annualized first-year premiums from new policies.

Certain amounts reported in prior periods have been reclassified to conform to the presentation adopted in the current period.

Statistical Supplement is Dated

This document is dated July 30, 2026, and has not been updated since that date. Lincoln Financial does not intend to update this document.

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Lincoln Financial

Credit Ratings

Ratings as of July 30, 2026

Standard

AM Best

Fitch

Moody's

& Poor's

Senior Debt Ratings

bbb+

BBB+

Baa2

BBB+

Financial Strength Ratings

The Lincoln National Life Insurance Company

A+

First Penn-Pacific Life Insurance Company

A+

A-

Lincoln Life & Annuity Company of New York

A+

Investor Inquiries May Be Directed To:

John Muething, Vice President,

Investor Relations

Email: InvestorRelations@lfg.com

Phone: 800-237-2920

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Lincoln Financial
Consolidated Statements of Income (Loss)
Unaudited (millions of dollars, except per share data)

		For the Three Months Ended												For the Six Months Ended

		6/30/25		9/30/25		12/31/25		3/31/26		6/30/26	Change			6/30/25		6/30/26	Change
Revenues
Insurance premiums	$	1,682	$	1,637	$	1,671	$	1,674	$	1,715	2.0	%	$	3,358	$	3,388	0.9	%
Fee income		1,348		1,392		1,416		1,377		1,406	4.3	%		2,721		2,783	2.3	%
Net investment income		1,471		1,544		1,597		1,605		1,625	10.5	%		2,934		3,230	10.1	%
Realized gain (loss)		(641)		(216)		47		466		(406)	36.7	%		(631)		60	109.5	%
Other revenues		184		198		191		184		202	9.8	%		353		387	9.6	%
Total revenues		4,044		4,555		4,922		5,306		4,542	12.3	%		8,735		9,848	12.7	%

Expenses
Benefits and policyholder liability remeasurement		1,906		1,927		1,927		2,009		1,866	-2.1	%		3,916		3,875	-1.0	%
Interest credited		916		954		984		999		1,024	11.8	%		1,805		2,023	12.1	%
Market risk benefit (gain) loss		(940)		(343)		(382)		987		(1,460)	-55.3	%		353		(473)	NM

Commissions and other expenses		1,327		1,414		1,397		1,476		1,387	4.5	%		2,695		2,862	6.2	%
Interest and debt expense		(13)		79		81		81		82	NM			67		164	144.8	%


Total expenses		3,196		4,031		4,007		5,552		2,899	-9.3	%		8,836		8,451	-4.4	%
Income (loss) before taxes		848		524		915		(246)		1,643	93.8	%		(101)		1,397	NM
Federal income tax expense (benefit)		149		79		161		(74)		311	108.7	%		(78)		237	NM


Net income (loss)		699		445		754		(172)		1,332	90.6	%		(23)		1,160	NM
Preferred stock dividends declared		(11)		(34)		(11)		(34)		(11)	0.0%			(46)		(46)	0.0%
Adjustment for deferred units of LNC stock
in our deferred compensation plans		—		—		2		(5)		—	NM			—		(5)	NM
Net income (loss) available to common
stockholders – diluted	$	688	$	411	$	745	$	(211)	$	1,321	92.0	%	$	(69)	$	1,109	NM


Earnings (Loss) Per Common Share – Diluted


Net income (loss)	$	3.80	$	2.12	$	3.80	$	(1.10)	$	6.72	76.8	%	$	(0.39)	$	5.65	NM

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Lincoln Financial
Consolidated Balance Sheets
Unaudited (millions of dollars)

		As of

		6/30/25		9/30/25		12/31/25		3/31/26		6/30/26	Change
ASSETS
Investments:
Fixed maturity available-for-sale (“AFS”) securities, net of allowance for
credit losses:
Corporate bonds	$	67,371	$	68,351	$	69,045	$	68,284	$	67,901	0.8%
U.S. government bonds		564		619		869		919		962	70.6%
State and municipal bonds		2,254		2,235		2,147		2,124		2,067	-8.3%
Foreign government bonds		239		244		226		202		203	-15.1%
Residential mortgage-backed securities		2,063		2,118		2,122		2,063		1,953	-5.3%
Commercial mortgage-backed securities		1,972		2,150		2,502		2,669		2,888	46.5%
Asset-backed securities		14,658		14,706		16,282		17,703		18,898	28.9%
Hybrid and redeemable preferred securities		265		257		255		236		213	-19.6%


Total fixed maturity AFS securities, net of allowance for credit losses		89,386		90,680		93,448		94,200		95,085	6.4%
Trading securities		1,909		1,853		1,676		1,552		1,515	-20.6%
Equity securities		341		542		636		475		456	33.7%
Mortgage loans on real estate, net of allowance for credit losses		21,996		22,230		22,472		22,825		23,406	6.4%

Policy loans		2,552		2,584		2,626		2,606		2,596	1.7%
Derivative investments		8,349		10,427		9,945		8,337		11,382	36.3%
Other investments		7,276		7,786		8,105		8,742		8,870	21.9%
Total investments		131,809		136,102		138,908		138,737		143,310	8.7%
Cash and invested cash		7,143		10,668		9,502		7,345		10,165	42.3%
Deferred acquisition costs, value of business acquired and deferred sales inducements		12,604		12,681		12,827		12,886		12,918	2.5%

Reinsurance recoverables, net of allowance for credit losses		28,440		28,665		28,012		27,688		27,225	-4.3%


Deposit assets, net of allowance for credit losses		31,754		33,066		33,690		33,597		33,619	5.9%
Market risk benefit assets		4,577		4,694		4,753		4,303		5,077	10.9%
Accrued investment income		1,136		1,172		1,122		1,170		1,169	2.9%
Goodwill		1,144		1,144		1,144		1,144		1,144	0.0%
Other assets		7,516		7,223		7,154		7,248		6,918	-8.0%
Separate account assets		172,942		179,860		180,092		172,043		188,252	8.9%
Total assets	$	399,065	$	415,275	$	417,204	$	406,161	$	429,797	7.7%

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Lincoln Financial
Consolidated Balance Sheets
Unaudited (millions of dollars)

		As of

		6/30/25		9/30/25		12/31/25		3/31/26		6/30/26	Change
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Policyholder account balances	$	129,209	$	133,223	$	136,245	$	135,683	$	139,510	8.0	%
Future contract benefits		41,053		41,852		42,077		42,010		42,177	2.7	%
Funds withheld reinsurance liabilities		16,700		17,559		17,922		17,564		16,808	0.6	%
Market risk benefit liabilities		1,205		1,190		1,118		1,127		895	-25.7	%

Deferred front-end loads		7,119		7,349		7,586		7,804		8,059	13.2	%
Payables for collateral on investments		8,466		11,153		7,954		6,556		9,232	9.0	%
Short-term debt		—		—		400		400		400	NM
Long-term debt by rating agency leverage definitions:
Operating (see note (2) on page 9 for details)		868		868		868		868		868	0.0%
Financial		4,899		4,904		4,998		5,101		5,597	14.2	%




Other liabilities		7,056		6,865		7,038		6,793		6,650	-5.8	%






Separate account liabilities		172,942		179,860		180,092		172,043		188,252	8.9	%
Total liabilities		389,517		404,823		406,298		395,949		418,448	7.4	%

Stockholders’ Equity
Preferred stock		986		986		986		986		986	0.0%
Common stock		5,545		5,574		5,592		5,602		5,619	1.3	%
Retained earnings		7,409		7,731		8,386		8,091		9,322	25.8	%
Accumulated other comprehensive income (loss):
Unrealized investment gain (loss)		(4,750)		(3,930)		(3,964)		(4,900)		(4,621)	2.7	%



Market risk benefit non-performance risk gain (loss)		114		(58)		(261)		179		(225)	NM
Policyholder liability discount rate remeasurement gain (loss)		569		474		480		566		580	1.9	%
Foreign currency translation adjustment		(14)		(18)		(18)		(20)		(20)	-42.9	%
Funded status of employee benefit plans		(311)		(307)		(295)		(292)		(292)	6.1	%
Total accumulated other comprehensive income (loss)		(4,392)		(3,839)		(4,058)		(4,467)		(4,578)	-4.2	%
Total stockholders’ equity		9,548		10,452		10,906		10,212		11,349	18.9	%
Total liabilities and stockholders’ equity	$	399,065	$	415,275	$	417,204	$	406,161	$	429,797	7.7	%

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Lincoln Financial
Earnings, Shares and Return on Equity
Unaudited (millions of dollars, except per share data)

		As of or For the Three Months Ended																As of or For the Six Months Ended

		6/30/25			9/30/25			12/31/25			3/31/26			6/30/26		Change			6/30/25			6/30/26		Change
Income (Loss)
Net income (loss)	$	699		$	445		$	754		$	(172)		$	1,332		90.6	%	$	(23)		$	1,160		NM
Pre-tax adjusted income (loss) from operations		517			506			524			427			528		2.1	%		879			955		8.6	%
After-tax adjusted income (loss) from operations (1)		438			431			445			360			450		2.7	%		752			810		7.7	%
Adjusted operating tax rate		15.4	%		14.8	%		15.0	%		15.8	%		14.6	%				14.4	%		15.2	%
Adjusted income (loss) from operations available to
common stockholders (1)		427			397			434			326			439		2.8	%		706			764		8.2	%







ROE
Net income (loss) ROE		31.5	%		17.8	%		28.3	%		-6.5	%		49.4	%				-0.5	%		21.7	%
Adjusted income (loss) from operations available to common

stockholders, excluding AOCI and preferred stock ROE		14.0	%		12.1	%		12.7	%		9.4	%		12.3	%				11.7	%		10.9	%
Adjusted income (loss) from operations ROE		12.9	%		11.3	%		12.1	%		8.8	%		11.6	%				11.0	%		10.2	%

Per Common Share
Net income (loss) (diluted) (2)	$	3.80		$	2.12		$	3.80		$	(1.10)		$	6.72		76.8	%	$	(0.39)		$	5.65		NM
Adjusted income (loss) from operations (diluted) (3)		2.36			2.04			2.21			1.66			2.24		-5.1	%		3.97			3.89		-2.0	%
Dividends declared during the period		0.45			0.45			0.45			0.45			0.45		0.0%			0.90			0.90		0.0%

Book Value Per Common Share
Book value per share	$	44.91		$	49.56		$	51.88		$	47.87		$	53.68		19.5	%	$	44.91		$	53.68		19.5	%

Book value per share, excluding AOCI (4)		67.95			69.66			73.10			71.06			77.39		13.9	%		67.95			77.39		13.9	%
Adjusted book value per share (4)		72.77			74.23			76.33			77.77			79.45		9.2	%		72.77			79.45		9.2	%

Common Shares

End-of-period – basic		190.6			191.0			191.2			192.7			193.0		1.3	%		190.6			193.0		1.3	%
Average for the period – basic		177.2			190.8			191.1			191.9			192.9		8.9	%		174.3			192.4		10.4	%
End-of-period – diluted		194.0			196.0			196.7			196.3			196.5		1.3	%		194.0			196.5		1.3	%
Average for the period – diluted (5)		180.6			195.0			196.3			196.5			196.4		8.7	%		177.7			196.5		10.6	%

(1) See reconciliation to net income (loss) and net income (loss) available to common stockholders – diluted on page 25.

(2) Due to reporting a net loss for the three months ended March 31, 2026 and six months ended June 30, 2025, basic shares were used in the diluted EPS calculation for these periods as the use of diluted shares would have resulted in a lower loss per share. Additionally, the diluted EPS calculation for the three months ended March 31, 2026, reflects the assumed settlement of certain deferred units of LNC stock in our deferred compensation plans.

(3) See reconciliation to earnings (loss) per common share – diluted on page 27.

(4) See reconciliation to stockholders’ equity and book value per common share on page 29.

(5) Represents shares used in our adjusted income (loss) from operations – diluted per share calculations.

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Lincoln Financial
Key Stakeholder Metrics
Unaudited (millions of dollars, except per share data)

	As of or For the Three Months Ended																	For the Six Months Ended

		6/30/25			9/30/25			12/31/25			3/31/26			6/30/26		Change			6/30/25		6/30/26	Change



Cash Returned to Common Stockholders – Common Dividends	$	77		$	85		$	85		$	86		$	86		11.7	%	$	154	$	172	11.7	%


Cash Returned to Preferred Stockholders – Preferred Dividends	$	11		$	34		$	11		$	34		$	11		0.0%		$	46	$	46	0.0%


Leverage Ratio
Short-term debt (1)	$	—		$	—		$	400		$	400		$	400		NM
Long-term debt		5,767			5,772			5,866			5,969			6,465		12.1	%
Total debt		5,767			5,772			6,266			6,369			6,865		19.0	%
Preferred stock		986			986			986			986			986		0.0%
Total debt and preferred stock		6,753			6,758			7,252			7,355			7,851		16.3	%







Less:
Operating debt (2)		868			868			868			868			868		0.0%
Prefunding of upcoming debt maturities (3)		—			—			400			400			400		NM
Prefunding of repurchase and/or redemption of shares
of outstanding preferred stock (3)		—			—			—			—			500		NM
25% of capital securities and subordinated notes		247			247			247			247			372		50.6	%
50% of preferred stock, net of prefunding		493			493			493			493			243		-50.7	%
Carrying value of fair value hedges and other items		119			119			114			112			108		-9.2	%
Total numerator	$	5,026		$	5,031		$	5,130		$	5,235		$	5,360		6.6	%

Adjusted stockholders’ equity (4)	$	13,873		$	14,180		$	14,595		$	14,987		$	15,340		10.6	%


Add:
25% of capital securities and subordinated notes		247			247			247			247			372		50.6	%
50% of preferred stock, net of prefunding		493			493			493			493			243		-50.7	%
Total numerator		5,026			5,031			5,130			5,235			5,360		6.6	%
Total denominator	$	19,639		$	19,951		$	20,465		$	20,962		$	21,315		8.5	%

Leverage ratio		25.6	%		25.2	%		25.1	%		25.0	%		25.1	%


Holding Company Available Liquidity (3)	$	466		$	461		$	1,055		$	1,205		$	1,803		286.9	%


Holding Company Available Liquidity, Net of Prefunding	$	466		$	461		$	655		$	805		$	903		93.8	%

(1) As of June 30, 2026, consists of $400 million principal amount of our 3.625% Senior Notes due December 12, 2026.

(2) We have categorized as operating debt the senior notes issued in October 2007 and June 2010 because the proceeds were used as a long-term structured solution to reduce the strain on increasing statutory reserves associated with secondary guarantee UL and term policies.

(3) Holding company available liquidity includes prefunding of upcoming debt maturities and prefunding of repurchase and/or redemption of shares of outstanding preferred stock.

(4) See reconciliation to stockholders’ equity on page 29.

Tab le of Contents


Lincoln Financial
Select Earnings Drivers By Segment
Unaudited (millions of dollars)

	For the Three Months Ended													For the Six Months Ended

		6/30/25		9/30/25		12/31/25		3/31/26		6/30/26	Change			6/30/25		6/30/26	Change
Annuities
Operating revenues	$	1,214	$	1,270	$	1,308	$	1,283	$	1,341	10.5	%	$	2,412	$	2,624	8.8	%
Deposits		4,024		4,470		4,890		3,941		3,520	-12.5	%		7,823		7,461	-4.6	%
Net flows		(1,162)		(1,143)		(1,227)		(2,196)		(2,917)	NM			(2,838)		(5,114)	-80.2	%



Average account balances, net of reinsurance		159,806		170,318		174,668		175,173		178,812	11.9	%		161,877		177,240	9.5	%
Alternative investment income (1)		3		2		3		3		1	-66.7	%		6		4	-33.3	%

Life Insurance
Operating revenues	$	1,602	$	1,610	$	1,643	$	1,628	$	1,572	-1.9	%	$	3,188	$	3,200	0.4	%
Deposits		1,281		2,247		1,457		1,253		1,673	30.6	%		2,500		2,927	17.1	%
Net flows		633		1,659		974		634		1,133	79.0	%		1,202		1,768	47.1	%
Average account balances, net of reinsurance		45,147		47,503		49,150		49,232		50,981	12.9	%		44,769		50,107	11.9	%
Average in-force face amount		1,069,688		1,067,503		1,065,813		1,062,558		1,059,320	-1.0	%		1,072,273		1,060,939	-1.1	%
Alternative investment income (1)		94		95		115		121		47	-50.0	%		163		168	3.1	%

Group Protection
Operating revenues	$	1,538	$	1,507	$	1,535	$	1,554	$	1,576	2.5	%	$	3,059	$	3,129	2.3	%
Insurance premiums		1,386		1,352		1,380		1,399		1,420	2.5	%		2,757		2,819	2.2	%
Alternative investment income (1)		2		2		3		2		2	0.0%			3		4	33.3	%

Retirement Plan Services
Operating revenues	$	331	$	343	$	352	$	346	$	353	6.6	%	$	658	$	699	6.2	%
Deposits		3,594		5,008		3,939		4,142		3,736	4.0	%		7,709		7,878	2.2	%
Net flows		(585)		755		(998)		(213)		(2,425)	NM			(2,768)		(2,638)	4.7	%
Average account balances		111,734		119,259		123,533		124,766		128,344	14.9	%		112,772		127,049	12.7	%
Alternative investment income (1)		2		2		3		3		2	0.0%			4		5	25.0	%

Consolidated
Adjusted operating revenues (2)	$	4,726	$	4,780	$	4,894	$	4,868	$	4,926	4.2	%	$	9,411	$	9,794	4.1	%
Deposits		8,899		11,725		10,286		9,336		8,929	0.3	%		18,032		18,266	1.3	%
Net flows		(1,114)		1,271		(1,251)		(1,775)		(4,209)	NM			(4,404)		(5,984)	-35.9	%
Average account balances, net of reinsurance		316,687		337,080		347,351		349,171		358,137	13.1	%		319,418		354,396	11.0	%
Alternative investment income (1)		101		101		124		129		52	-48.5	%		176		181	2.8	%

(1) Excludes alternative investment income on investments supporting our modified coinsurance and coinsurance with funds withheld agreements as we have a limited economic interest in the investments.

(2) See reconciliation to total revenues on page 26.

Tab le of Contents


Lincoln Financial
Sales By Segment
Unaudited (millions of dollars)

	For the Three Months Ended																		For the Six Months Ended

		6/30/25			9/30/25			12/31/25			3/31/26			6/30/26		Change			6/30/25			6/30/26		Change
Sales
Annuities:
RILA	$	1,447		$	1,457		$	1,936		$	1,822		$	1,599		10.5	%	$	2,739		$	3,421		24.9	%
Fixed		1,221			1,368			1,227			716			604		-50.5	%		2,083			1,320		-36.6	%
Traditional variable with GLBs		935			1,080			1,119			867			639		-31.7	%		2,033			1,506		-25.9	%
Traditional variable without GLBs		416			562			607			534			673		61.8	%		952			1,207		26.8	%

Total Annuities	$	4,019		$	4,467		$	4,889		$	3,939		$	3,515		-12.5	%	$	7,807		$	7,454		-4.5	%


Life Insurance:
IUL/UL	$	28		$	25		$	42		$	29		$	23		-17.9	%	$	52		$	52		0.0%
MoneyGuard®		29			31			35			29			32		10.3	%		58			61		5.2	%

VUL		15			26			36			22			35		133.3	%		30			57		90.0	%
Term		15			15			14			16			13		-13.3	%		28			29		3.6	%

Executive Benefits		34			201			15			33			113		232.4	%		50			146		192.0	%
Total Life Insurance	$	121		$	298		$	142		$	129		$	216		78.5	%	$	218		$	345		58.3	%


Group Protection:
Life	$	104		$	50		$	136		$	97		$	83		-20.2	%	$	205		$	180		-12.2	%
Disability		70			47			232			45			65		-7.1	%		118			110		-6.8	%
Dental		13			19			23			8			7		-46.2	%		21			15		-28.6	%
Total Group Protection	$	187		$	116		$	391		$	150		$	155		-17.1	%	$	344		$	305		-11.3	%

Percent employee-paid		58.7	%		46.5	%		28.7	%		70.7	%		56.6	%				64.9	%		63.5	%

Retirement Plan Services:
First-year sales	$	1,222		$	2,440		$	1,683		$	1,134		$	941		-23.0	%	$	2,326		$	2,076		-10.7	%
Recurring deposits		2,372			2,568			2,256			3,008			2,795		17.8	%		5,383			5,802		7.8	%
Total Retirement Plan Services	$	3,594		$	5,008		$	3,939		$	4,142		$	3,736		4.0	%	$	7,709		$	7,878		2.2	%

Tab le of Contents


Lincoln Financial
Operating Revenues and General and Administrative Expenses By Segment and Other Operations
Unaudited (millions of dollars)

	For the Three Months Ended																		For the Six Months Ended

		6/30/25			9/30/25			12/31/25			3/31/26			6/30/26		Change			6/30/25			6/30/26		Change
Operating Revenues
Annuities	$	1,214		$	1,270		$	1,308		$	1,283		$	1,341		10.5	%	$	2,412		$	2,624		8.8	%
Life Insurance		1,602			1,610			1,643			1,628			1,572		-1.9	%		3,188			3,200		0.4	%
Group Protection		1,538			1,507			1,535			1,554			1,576		2.5	%		3,059			3,129		2.3	%
Retirement Plan Services		331			343			352			346			353		6.6	%		658			699		6.2	%
Other Operations		41			50			56			57			84		104.9	%		94			142		51.1	%
Total adjusted operating revenues	$	4,726		$	4,780		$	4,894		$	4,868		$	4,926		4.2	%	$	9,411		$	9,794		4.1	%


General and Administrative Expenses,
Net of Amounts Capitalized
Annuities	$	110		$	108		$	122		$	111		$	116		5.5	%	$	218		$	227		4.1	%
Life Insurance		122			121			130			119			124		1.6	%		241			243		0.8	%
Group Protection		206			200			215			211			217		5.3	%		408			429		5.1	%
Retirement Plan Services		80			80			87			86			89		11.3	%		161			175		8.7	%
Other Operations		55			62			65			62			58		5.5	%		120			119		-0.8	%
Total	$	573		$	571		$	619		$	589		$	604		5.4	%	$	1,148		$	1,193		3.9	%


General and Administrative Expenses,
Net of Amounts Capitalized, as a Percentage
of Operating Revenues
Annuities		9.1	%		8.5	%		9.3	%		8.6	%		8.6	%				9.0	%		8.6	%
Life Insurance		7.6	%		7.5	%		7.9	%		7.3	%		7.9	%				7.6	%		7.6	%
Group Protection		13.4	%		13.2	%		14.0	%		13.6	%		13.8	%				13.3	%		13.7	%
Retirement Plan Services		24.1	%		23.2	%		24.8	%		24.8	%		25.3	%				24.5	%		25.1	%

Total		12.1	%		11.9	%		12.6	%		12.1	%		12.3	%				12.2	%		12.2	%

Tab le of Contents


Lincoln Financial
Operating Commissions and Other Expenses
Unaudited (millions of dollars)

	For the Three Months Ended													For the Six Months Ended

		6/30/25		9/30/25		12/31/25		3/31/26		6/30/26	Change			6/30/25		6/30/26	Change
Operating Commissions and
Other Expenses Incurred
General and administrative expenses	$	627	$	637	$	693	$	644	$	659	5.1	%	$	1,256	$	1,303	3.7	%
Commissions		570		609		689		617		605	6.1	%		1,127		1,221	8.3	%
Taxes, licenses and fees		80		86		74		100		80	0.0%			178		179	0.6	%
Interest and debt expense		81		79		81		81		82	1.2	%		161		164	1.9	%
Expenses associated with reserve financing
and letters of credit		33		35		25		26		27	-18.2	%		65		52	-20.0	%
Total adjusted operating commissions and
other expenses incurred		1,391		1,446		1,562		1,468		1,453	4.5	%		2,787		2,919	4.7	%

Less Amounts Capitalized
General and administrative expenses		(54)		(66)		(74)		(55)		(55)	-1.9	%		(108)		(110)	-1.9	%
Commissions		(252)		(281)		(360)		(289)		(268)	-6.3	%		(490)		(557)	-13.7	%
Taxes, licenses and fees		(7)		(15)		(8)		(9)		(8)	-14.3	%		(16)		(16)	0.0%
Total amounts capitalized		(313)		(362)		(442)		(353)		(331)	-5.8	%		(614)		(683)	-11.2	%
Total expenses incurred, net of amounts
capitalized, excluding amortization		1,078		1,084		1,120		1,115		1,122	4.1	%		2,173		2,236	2.9	%

Amortization
Amortization of DAC, VOBA and other intangibles		307		324		328		327		331	7.8	%		617		658	6.6	%
Total operating commissions and
other expenses	$	1,385	$	1,408	$	1,448	$	1,442	$	1,453	4.9	%	$	2,790	$	2,894	3.7	%

Tab le of Contents


Lincoln Financial
Annuities – Select Earnings and Operational Data
Unaudited (millions of dollars)

	As of or For the Three Months Ended																		As of or For the Six Months Ended

		6/30/25			9/30/25			12/31/25			3/31/26			6/30/26		Change			6/30/25			6/30/26		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	28		$	25		$	28		$	18		$	36		28.6	%	$	50		$	54		8.0	%
Fee income (1)		575			617			624			608			623		8.3	%		1,166			1,231		5.6	%
Net investment income		487			497			517			525			547		12.3	%		953			1,072		12.5	%



Other revenues		124			131			139			132			135		8.9	%		243			267		9.9	%
Total operating revenues		1,214			1,270			1,308			1,283			1,341		10.5	%		2,412			2,624		8.8	%
Operating expenses:
Benefits and policyholder liability remeasurement		32			24			24			24			47		46.9	%		60			71		18.3	%
Interest credited		439			459			480			495			513		16.9	%		858			1,008		17.5	%


Commissions incurred		292			327			374			339			329		12.7	%		590			668		13.2	%
Other expenses incurred		142			138			162			150			149		4.9	%		286			299		4.5	%
Amounts capitalized		(144)			(174)			(228)			(187)			(168)		-16.7	%		(291)			(354)		-21.6	%
Amortization		115			128			127			128			132		14.8	%		231			259		12.1	%
Total operating expenses		876			902			939			949			1,002		14.4	%		1,734			1,951		12.5	%
Income (loss) from operations before taxes		338			368			369			334			339		0.3	%		678			673		-0.7	%
Federal income tax expense (benefit)		51			58			58			59			52		2.0	%		101			111		9.9	%
Income (loss) from operations	$	287		$	310		$	311		$	275		$	287		0.0%		$	577		$	562		-2.6	%





Effective Federal Income Tax Rate		15.2	%		15.8	%		15.7	%		17.6	%		15.5	%				15.0	%		16.5	%







Return on Average Account Balances, Net of
Reinsurance (bps)		72			73			71			63			64		(8)			71			63		(8)








Account Balances, Net of Reinsurance –
End-of-Period
RILA account balances	$	36,256		$	38,499		$	39,443		$	38,659		$	42,102		16.1	%	$	36,256		$	42,102		16.1	%
Fixed account balances		10,727			11,492			12,388			12,919			13,529		26.1	%		10,727			13,529		26.1	%
Traditional variable account balances with GLBs		71,527			73,174			72,809			68,484			74,012		3.5	%		71,527			74,012		3.5	%
Traditional variable account balances without GLBs		49,283			50,914			50,748			48,711			52,646		6.8	%		49,283			52,646		6.8	%
Total account balances	$	167,793		$	174,079		$	175,388		$	168,773		$	182,289		8.6	%	$	167,793		$	182,289		8.6	%
Percent traditional variable account balances with GLBs		42.6	%		42.0	%		41.5	%		40.6	%		40.6	%				42.6	%		40.6	%

Fee Income, Gross of Hedge Allowance	$	775		$	817		$	825		$	807		$	822		6.1	%	$	1,565		$	1,629		4.1	%
Net Investment Income, Net of Reinsurance (2)		465			475			500			508			530		14.0	%		908			1,038		14.3	%
Interest Credited, Net of Reinsurance (2)		300			314			333			351			367		22.3	%		590			717		21.5	%

(1) Fee income is reported net of the hedge allowance, which represents fees allocated to net annuity product features to support the cost of hedging.

(2) Net investment income and interest credited are both reported gross of reinsurance. Reinsurance impacts are settled through other revenues.

Tab le of Contents


Lincoln Financial
Life Insurance – Select Earnings and Operational Data
Unaudited (millions of dollars)

	As of or For the Three Months Ended																	As of or For the Six Months Ended

		6/30/25			9/30/25		12/31/25			3/31/26			6/30/26		Change			6/30/25		6/30/26		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	267		$	260	$	262		$	256		$	258		-3.4	%	$	550	$	515		-6.4	%
Fee income		688			683		696			677			683		-0.7	%		1,386		1,359		-1.9	%
Net investment income		606			623		643			647			573		-5.4	%		1,180		1,220		3.4	%
Operating realized gain (loss)		(1)			(1)		—			—			—		100.0	%		(3)		—		100.0	%


Other revenues		42			45		42			48			58		38.1	%		75		106		41.3	%
Total operating revenues		1,602			1,610		1,643			1,628			1,572		-1.9	%		3,188		3,200		0.4	%
Operating expenses:
Benefits and policyholder liability remeasurement		956			961		928			975			894		-6.5	%		1,958		1,869		-4.5	%
Interest credited		289			298		295			291			293		1.4	%		576		585		1.6	%
Commissions incurred		111			119		145			112			112		0.9	%		210		224		6.7	%
Other expenses incurred		191			199		196			183			182		-4.7	%		384		364		-5.2	%
Amounts capitalized		(128)			(144)		(166)			(130)			(128)		0.0%			(243)		(258)		-6.2	%
Amortization of DAC and VOBA		125			129		133			131			131		4.8	%		254		261		2.8	%
Amortization of deferred loss on business
sold through reinsurance		24			24		24			24			24		0.0%			47		49		4.3	%
Total operating expenses		1,568			1,586		1,555			1,586			1,508		-3.8	%		3,186		3,094		-2.9	%
Income (loss) from operations before taxes		34			24		88			42			64		88.2	%		2		106		NM
Federal income tax expense (benefit)		2			(1)		11			1			7		250.0	%		(14)		8		157.1	%
Income (loss) from operations	$	32		$	25	$	77		$	41		$	57		78.1	%	$	16	$	98		NM


Effective Federal Income Tax Rate		5.2	%		NM		12.6	%		3.7	%		10.2	%				NM		7.6	%





Average Account Balances, Net of Reinsurance	$	45,147		$	47,503	$	49,150		$	49,232		$	50,981		12.9	%	$	44,769	$	50,107		11.9	%

In-Force Face Amount
UL and other	$	360,617		$	361,964	$	362,312		$	361,544		$	362,618		0.6	%	$	360,617	$	362,618		0.6	%
Term insurance		707,355			705,069		702,280			698,981			695,497		-1.7	%		707,355		695,497		-1.7	%
Total in-force face amount	$	1,067,972		$	1,067,033	$	1,064,592		$	1,060,525		$	1,058,115		-0.9	%	$	1,067,972	$	1,058,115		-0.9	%

Tab le of Contents


Lincoln Financial
Group Protection – Select Earnings and Operational Data
Unaudited (millions of dollars)

	As of or For the Three Months Ended																	As of or For the Six Months Ended

		6/30/25			9/30/25			12/31/25			3/31/26			6/30/26		Change			6/30/25			6/30/26		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	1,386		$	1,352		$	1,380		$	1,399		$	1,420		2.5	%	$	2,757		$	2,819		2.2	%
Net investment income		94			98			95			96			98		4.3	%		183			194		6.0	%
Other revenues		58			57			60			59			58		0.0%			119			116		-2.5	%
Total operating revenues		1,538			1,507			1,535			1,554			1,576		2.5	%		3,059			3,129		2.3	%
Operating expenses:
Benefits and policyholder liability remeasurement		913			923			984			994			971		6.4	%		1,908			1,965		3.0	%
Interest credited		1			1			1			—			1		0.0%			—			1		NM
Commissions incurred		139			132			137			135			133		-4.3	%		272			268		-1.5	%
Other expenses incurred		263			260			275			272			275		4.6	%		523			545		4.2	%
Amounts capitalized		(35)			(36)			(40)			(29)			(30)		14.3	%		(67)			(59)		11.9	%
Amortization		38			39			40			40			40		5.3	%		76			81		6.6	%
Total operating expenses		1,319			1,319			1,397			1,412			1,390		5.4	%		2,712			2,801		3.3	%
Income (loss) from operations before taxes		219			188			138			142			186		-15.1	%		347			328		-5.5	%
Federal income tax expense (benefit)		46			39			29			30			39		-15.2	%		73			69		-5.5	%
Income (loss) from operations	$	173		$	149		$	109		$	112		$	147		-15.0	%	$	274		$	259		-5.5	%


Effective Federal Income Tax Rate		21.0	%		21.0	%		21.0	%		21.0	%		21.0	%				21.0	%		21.0	%

Operating Margin (1)		12.5	%		11.0	%		7.9	%		8.0	%		10.4	%				9.9	%		9.2	%





Loss Ratios by Product Line
Life		67.2	%		59.6	%		67.9	%		66.9	%		62.2	%				71.2	%		64.5	%
Disability		64.2	%		73.8	%		73.6	%		73.4	%		71.9	%				67.1	%		72.6	%
Dental		80.4	%		78.0	%		74.9	%		81.6	%		82.0	%				79.7	%		81.8	%
Total		65.9	%		68.3	%		71.4	%		71.1	%		68.4	%				69.2	%		69.8	%

(1) Operating margin is calculated by dividing income (loss) from operations by insurance premiums.

Tab le of Contents


Lincoln Financial
Retirement Plan Services – Select Earnings and Operational Data
Unaudited (millions of dollars)

	As of or For the Three Months Ended																	As of or For the Six Months Ended

		6/30/25			9/30/25			12/31/25			3/31/26			6/30/26		Change			6/30/25			6/30/26		Change
Income (Loss) from Operations
Operating revenues:
Fee income	$	80		$	85		$	89		$	86		$	93		16.3	%	$	160		$	179		11.9	%
Net investment income		252			257			262			260			260		3.2	%		503			520		3.4	%
Other revenues		(1)			1			1			—			—		100.0	%		(5)			—		100.0	%
Total operating revenues		331			343			352			346			353		6.6	%		658			699		6.2	%
Operating expenses:
Interest credited		174			174			174			170			169		-2.9	%		344			339		-1.5	%


Commissions incurred		28			30			31			29			30		7.1	%		55			59		7.3	%
Other expenses incurred		87			87			95			97			96		10.3	%		179			193		7.8	%
Amounts capitalized		(5)			(5)			(6)			(5)			(3)		40.0	%		(9)			(8)		11.1	%
Amortization		5			4			4			4			4		-20.0	%		9			8		-11.1	%
Total operating expenses		289			290			298			295			296		2.4	%		578			591		2.2	%
Income (loss) from operations before taxes		42			53			54			51			57		35.7	%		80			108		35.0	%
Federal income tax expense (benefit)		5			7			8			8			8		60.0	%		9			16		77.8	%
Income (loss) from operations	$	37		$	46		$	46		$	43		$	49		32.4	%	$	71		$	92		29.6	%


Effective Federal Income Tax Rate		12.3	%		14.2	%		14.2	%		15.2	%		14.8	%				12.1	%		15.0	%





Return on Average Account Balances (bps)		13			15			15			14			15		2			13			14		1



Net Flows by Market
Core Market (1)	$	28		$	190		$	(43)		$	(201)		$	(56)		NM		$	(51)		$	(258)		NM
Mid-Large Market		(200)			1,025			(401)			403			(1,918)		NM			(1,933)			(1,515)		21.6	%
Multi-Fund® and Other		(413)			(460)			(554)			(415)			(451)		-9.2	%		(784)			(865)		-10.3	%

Net Flows – Trailing Twelve Months	$	(2,850)		$	(2,746)		$	(3,012)		$	(1,041)		$	(2,881)		-1.1	%	$	(2,850)		$	(2,881)		-1.1	%

Base Spreads, Excluding Variable
Investment Income (2)		0.99	%		1.07	%		1.10	%		1.16	%		1.19	%	20			1.01	%		1.18	%	17

(1) Formerly referred to as “Small Market.”

(2) Variable investment income consists of commercial mortgage loan prepayment and bond make-whole premiums.

Tab le of Contents


Lincoln Financial
Other Operations – Select Earnings and Operational Data
Unaudited (millions of dollars)

		As of or For the Three Months Ended											As of or For the Six Months Ended

		6/30/25		9/30/25		12/31/25		3/31/26		6/30/26	Change			6/30/25		6/30/26	Change
Other Operations
Operating revenues:
Insurance premiums	$	—	$	—	$	—	$	—	$	—	NM		$	1	$	1	0.0%

Net investment income		25		33		46		52		63	152.0	%		69		115	66.7	%


Other revenues		16		17		10		5		21	31.3	%		24		26	8.3	%
Total operating revenues		41		50		56		57		84	104.9	%		94		142	51.1	%
Operating expenses:
Benefits and policyholder liability remeasurement		7		4		2		7		9	28.6	%		11		17	54.5	%
Interest credited		13		22		34		43		48	269.2	%		27		90	233.3	%
Other expenses incurred		56		72		64		68		63	12.5	%		123		131	6.5	%
Interest and debt expense		81		79		81		81		82	1.2	%		161		164	1.9	%

Total operating expenses		157		177		181		199		202	28.7	%		322		402	24.8	%
Income (loss) from operations before taxes		(116)		(127)		(125)		(142)		(118)	-1.7	%		(228)		(260)	-14.0	%
Federal income tax expense (benefit)		(25)		(28)		(27)		(31)		(28)	-12.0	%		(42)		(59)	-40.5	%
Income (loss) from operations	$	(91)	$	(99)	$	(98)	$	(111)	$	(90)	1.1	%	$	(186)	$	(201)	-8.1	%

Tab le of Contents


Lincoln Financial
Annuities – Account Balance Roll Forwards
Unaudited (millions of dollars)

	For the Three Months Ended												For the Six Months Ended

		6/30/25		9/30/25		12/31/25		3/31/26		6/30/26	Change			6/30/25		6/30/26	Change
Traditional Variable Annuities
Balance as of beginning-of-period	$	114,477	$	120,815	$	124,093	$	123,562	$	117,200	2.4	%	$	118,954	$	123,562	3.9	%
Gross deposits		1,351		1,642		1,726		1,401		1,312	-2.9	%		2,985		2,713	-9.1	%
Surrenders, withdrawals and benefits		(3,451)		(3,843)		(4,066)		(3,982)		(3,975)	-15.2	%		(7,129)		(7,957)	-11.6	%

Net flows		(2,100)		(2,201)		(2,340)		(2,581)		(2,663)	-26.8	%		(4,144)		(5,244)	-26.5	%
Policyholder assessments		(639)		(670)		(674)		(664)		(671)	-5.0	%		(1,292)		(1,334)	-3.3	%
Change in market value and reinvestment		9,077		6,149		2,483		(3,117)		12,796	41.0	%		7,297		9,678	32.6	%

Balance as of end-of-period, gross		120,815		124,093		123,562		117,200		126,662	4.8	%		120,815		126,662	4.8	%
Account balances reinsured		(5)		(5)		(5)		(5)		(4)	20.0	%		(5)		(4)	20.0	%
Balance as of end-of-period, net	$	120,810	$	124,088	$	123,557	$	117,195	$	126,658	4.8	%	$	120,810	$	126,658	4.8	%


RILA
Balance as of beginning-of-period	$	33,527	$	36,256	$	38,499	$	39,443	$	38,659	15.3	%	$	34,310	$	39,443	15.0	%
Gross deposits		1,447		1,457		1,936		1,822		1,599	10.5	%		2,739		3,421	24.9	%
Surrenders, withdrawals and benefits		(938)		(1,106)		(1,370)		(1,539)		(1,821)	-94.1	%		(1,788)		(3,360)	-87.9	%

Net flows		509		351		566		283		(222)	NM			951		61	-93.6	%
Policyholder assessments		(4)		(4)		(4)		(4)		(4)	0.0%			(8)		(9)	-12.5	%

Change in market value and reinvestment		341		392		402		381		448	31.4	%		686		830	21.0	%
Change in fair value of embedded derivative instruments
and other		1,883		1,504		(20)		(1,444)		3,221	71.1	%		317		1,777	NM
Balance as of end-of-period, gross	$	36,256	$	38,499	$	39,443	$	38,659	$	42,102	16.1	%	$	36,256	$	42,102	16.1	%

Tab le of Contents


Lincoln Financial
Annuities – Account Balance Roll Forwards
Unaudited (millions of dollars)

	For the Three Months Ended												For the Six Months Ended

		6/30/25		9/30/25		12/31/25		3/31/26		6/30/26	Change			6/30/25		6/30/26	Change
Fixed Annuities
Balance as of beginning-of-period	$	26,039	$	26,832	$	27,874	$	28,728	$	28,974	11.3	%	$	25,963	$	28,728	10.6	%
Gross deposits		1,226		1,371		1,228		718		609	-50.3	%		2,099		1,327	-36.8	%
Surrenders, withdrawals and benefits		(797)		(664)		(681)		(616)		(641)	19.6	%		(1,744)		(1,258)	27.9	%

Net flows		429		707		547		102		(32)	NM			355		69	-80.6	%
Policyholder assessments		(15)		(14)		(16)		(15)		(15)	0.0%			(30)		(30)	0.0%
Reinvested interest credited		228		238		255		256		266	16.7	%		438		523	19.4	%
Change in fair value of embedded derivative instruments
and other		151		111		68		(97)		225	49.0	%		106		128	20.8	%
Balance as of end-of-period, gross		26,832		27,874		28,728		28,974		29,418	9.6	%		26,832		29,418	9.6	%
Account balances reinsured		(16,105)		(16,382)		(16,340)		(16,055)		(15,889)	1.3	%		(16,105)		(15,889)	1.3	%
Balance as of end-of-period, net	$	10,727	$	11,492	$	12,388	$	12,919	$	13,529	26.1	%	$	10,727	$	13,529	26.1	%


Total
Balance as of beginning-of-period	$	174,043	$	183,903	$	190,466	$	191,733	$	184,833	6.2	%	$	179,227	$	191,733	7.0	%
Gross deposits		4,024		4,470		4,890		3,941		3,520	-12.5	%		7,823		7,461	-4.6	%
Surrenders, withdrawals and benefits		(5,186)		(5,613)		(6,117)		(6,137)		(6,437)	-24.1	%		(10,661)		(12,575)	-18.0	%

Net flows		(1,162)		(1,143)		(1,227)		(2,196)		(2,917)	NM			(2,838)		(5,114)	-80.2	%
Policyholder assessments		(658)		(688)		(694)		(683)		(690)	-4.9	%		(1,330)		(1,373)	-3.2	%
Change in market value, reinvestment and interest credited		9,646		6,779		3,140		(2,480)		13,510	40.1	%		8,421		11,031	31.0	%
Change in fair value of embedded derivative instruments
and other		2,034		1,615		48		(1,541)		3,446	69.4	%		423		1,905	NM
Balance as of end-of-period, gross		183,903		190,466		191,733		184,833		198,182	7.8	%		183,903		198,182	7.8	%
Account balances reinsured		(16,110)		(16,387)		(16,345)		(16,060)		(15,893)	1.3	%		(16,110)		(15,893)	1.3	%
Balance as of end-of-period, net	$	167,793	$	174,079	$	175,388	$	168,773	$	182,289	8.6	%	$	167,793	$	182,289	8.6	%

Tab le of Contents


Lincoln Financial
Life Insurance – Account Balance Roll Forwards
Unaudited (millions of dollars)

	For the Three Months Ended													For the Six Months Ended

		6/30/25		9/30/25		12/31/25		3/31/26		6/30/26	Change			6/30/25		6/30/26		Change
General Account
Balance as of beginning-of-period	$	36,220	$	36,116	$	36,008	$	35,986	$	35,723	-1.4	%	$	36,599	$	35,986		-1.7	%
Gross deposits		847		851		993		837		800	-5.5	%		1,713		1,637		-4.4	%
Withdrawals and deaths		(372)		(357)		(327)		(403)		(356)	4.3	%		(818)		(759)		7.2	%
Net flows		475		494		666		434		444	-6.5	%		895		878		-1.9	%
Transfers between general and separate accounts		49		72		48		68		86	75.5	%		63		154		144.4	%
Policyholder assessments		(1,102)		(1,114)		(1,130)		(1,095)		(1,075)	2.5	%		(2,205)		(2,170)		1.6	%
Reinvested interest credited		360		367		361		357		364	1.1	%		715		721		0.8	%
Change in fair value of embedded derivative instruments
and other		114		73		33		(27)		148	29.8	%		49		121		146.9	%
Balance as of end-of-period, gross		36,116		36,008		35,986		35,723		35,690	-1.2	%		36,116		35,690		-1.2	%
Account balances reinsured		(14,816)		(14,658)		(14,500)		(14,304)		(14,127)	4.7	%		(14,816)		(14,127)		4.7	%
Balance as of end-of-period, net	$	21,300	$	21,350	$	21,486	$	21,419	$	21,563	1.2	%	$	21,300	$	21,563		1.2	%


Separate Account
Balance as of beginning-of-period	$	28,106	$	30,616	$	33,252	$	34,038	$	33,237	18.3	%		28,841		$	34,038	18.0	%
Gross deposits		434		1,396		464		416		873	101.2	%		787		1,290		63.9	%
Withdrawals and deaths		(276)		(231)		(156)		(216)		(184)	33.3	%		(480)		(400)		16.7	%
Net flows		158		1,165		308		200		689	NM			307		890		189.9	%
Transfers between general and separate accounts		(48)		(71)		(48)		(68)		(86)	-79.2	%		(63)		(154)		NM
Policyholder assessments		(248)		(251)		(255)		(252)		(256)	-3.2	%		(494)		(508)		-2.8	%
Change in market value and reinvestment		2,648		1,793		781		(681)		4,285	61.8	%		2,025		3,603		77.9	%
Balance as of end-of-period, gross		30,616		33,252		34,038		33,237		37,869	23.7	%		30,616		37,869		23.7	%
Account balances reinsured		(5,629)		(5,883)		(5,943)		(5,772)		(6,354)	-12.9	%		(5,629)		(6,354)		-12.9	%
Balance as of end-of-period, net	$	24,987	$	27,369	$	28,095	$	27,465	$	31,515	26.1	%	$	24,987	$	31,515		26.1	%


Total
Balance as of beginning-of-period	$	64,326	$	66,732	$	69,260	$	70,024	$	68,960	7.2	%	$	65,440	$	70,024		7.0	%
Gross deposits		1,281		2,247		1,457		1,253		1,673	30.6	%		2,500		2,927		17.1	%
Withdrawals and deaths		(648)		(588)		(483)		(619)		(540)	16.7	%		(1,298)		(1,159)		10.7	%
Net flows		633		1,659		974		634		1,133	79.0	%		1,202		1,768		47.1	%
Transfers between general and separate accounts		1		1		—		—		—	-100.0	%		—		—		NM
Policyholder assessments		(1,350)		(1,365)		(1,385)		(1,347)		(1,331)	1.4	%		(2,699)		(2,678)		0.8	%
Change in market value and reinvestment		3,008		2,160		1,142		(324)		4,649	54.6	%		2,740		4,324		57.8	%
Change in fair value of embedded derivative instruments
and other		114		73		33		(27)		148	29.8	%		49		121		146.9	%
Balance as of end-of-period, gross		66,732		69,260		70,024		68,960		73,559	10.2	%		66,732		73,559		10.2	%
Account balances reinsured		(20,445)		(20,541)		(20,443)		(20,076)		(20,481)	-0.2	%		(20,445)		(20,481)		-0.2	%
Balance as of end-of-period, net	$	46,287	$	48,719	$	49,581	$	48,884	$	53,078	14.7	%	$	46,287	$	53,078		14.7	%

Tab le of Contents


Lincoln Financial
Retirement Plan Services – Account Balance Roll Forwards
Unaudited (millions of dollars)

	For the Three Months Ended												For the Six Months Ended

		6/30/25		9/30/25		12/31/25		3/31/26		6/30/26	Change			6/30/25		6/30/26	Change
General Account
Balance as of beginning-of-period	$	23,479	$	23,700	$	23,852	$	23,843	$	23,694	0.9	%	$	23,619	$	23,843	0.9	%
Gross deposits		1,109		1,090		1,054		880		901	-18.8	%		1,921		1,781	-7.3	%
Withdrawals		(1,103)		(1,287)		(1,350)		(1,279)		(1,470)	-33.3	%		(2,433)		(2,749)	-13.0	%
Net flows		6		(197)		(296)		(399)		(569)	NM			(512)		(968)	-89.1	%
Transfers between fixed and variable accounts		44		171		114		86		131	197.7	%		254		217	-14.6	%
Policyholder assessments		(4)		(4)		(4)		(5)		(5)	-25.0	%		(8)		(9)	-12.5	%
Reinvested interest credited		175		182		177		169		168	-4.0	%		347		336	-3.2	%
Balance as of end-of-period	$	23,700	$	23,852	$	23,843	$	23,694	$	23,419	-1.2	%	$	23,700	$	23,419	-1.2	%


Separate Account and Mutual Funds
Balance as of beginning-of-period	$	85,754	$	92,683	$	98,900	$	100,197	$	98,151	14.5	%	$	88,962	$	100,197	12.6	%
Gross deposits		2,485		3,918		2,885		3,262		2,835	14.1	%		5,788		6,097	5.3	%
Withdrawals		(3,076)		(2,966)		(3,587)		(3,076)		(4,691)	-52.5	%		(8,044)		(7,767)	3.4	%
Net flows		(591)		952		(702)		186		(1,856)	NM			(2,256)		(1,670)	26.0	%
Transfers between fixed and variable accounts		(54)		(149)		(101)		(82)		(129)	NM			(253)		(211)	16.6	%
Policyholder assessments		(69)		(73)		(75)		(76)		(77)	-11.6	%		(138)		(154)	-11.6	%
Change in market value and reinvestment		7,643		5,487		2,175		(2,074)		11,259	47.3	%		6,368		9,186	44.3	%
Balance as of end-of-period	$	92,683	$	98,900	$	100,197	$	98,151	$	107,348	15.8	%	$	92,683	$	107,348	15.8	%


Total
Balance as of beginning-of-period	$	109,233	$	116,383	$	122,752	$	124,040	$	121,845	11.5	%	$	112,581	$	124,040	10.2	%
Gross deposits		3,594		5,008		3,939		4,142		3,736	4.0	%		7,709		7,878	2.2	%
Withdrawals		(4,179)		(4,253)		(4,937)		(4,355)		(6,161)	-47.4	%		(10,477)		(10,516)	-0.4	%
Net flows		(585)		755		(998)		(213)		(2,425)	NM			(2,768)		(2,638)	4.7	%
Transfers between fixed and variable accounts		(10)		22		13		4		2	120.0	%		1		6	NM
Policyholder assessments		(73)		(77)		(79)		(81)		(82)	-12.3	%		(146)		(163)	-11.6	%
Change in market value and reinvestment		7,818		5,669		2,352		(1,905)		11,427	46.2	%		6,715		9,522	41.8	%
Balance as of end-of-period	$	116,383	$	122,752	$	124,040	$	121,845	$	130,767	12.4	%	$	116,383	$	130,767	12.4	%

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Lincoln Financial
Fixed-Income Asset Class
Unaudited (millions of dollars)

	As of 6/30/25					As of 12/31/25					As of 6/30/26
	Amount		%			Amount		%			Amount		%
Fixed Maturity AFS Securities, Net of Modified Coinsurance and Funds Withheld
Investments and Allowance for Credit Losses, at Amortized Cost (1)
Industry corporate bonds:
Financial services	$	12,685		14.4	%	$	13,135		14.3	%	$	13,249		13.9	%
Basic industry		2,868		3.2	%		2,749		3.0	%		2,745		2.9	%
Capital goods		5,507		6.2	%		5,574		6.1	%		5,520		5.8	%
Communications		2,752		3.1	%		2,936		3.2	%		3,071		3.2	%
Consumer cyclical		5,351		6.0	%		5,360		5.8	%		5,353		5.6	%
Consumer non-cyclical		12,438		14.1	%		12,623		13.6	%		12,825		13.4	%
Energy		2,486		2.8	%		2,487		2.7	%		2,536		2.7	%
Technology		4,042		4.6	%		4,307		4.7	%		4,224		4.4	%
Transportation		3,216		3.6	%		3,243		3.5	%		3,198		3.4	%
Industrial other		2,268		2.6	%		2,346		2.6	%		2,357		2.5	%
Utilities		11,399		12.9	%		11,459		12.4	%		11,490		12.0	%
Government-related entities		1,133		1.3	%		1,108		1.2	%		1,107		1.2	%
Residential mortgage-backed securities ("RMBS")
Agency backed		1,709		1.9	%		1,715		1.9	%		1,653		1.7	%
Non-agency backed		383		0.4	%		399		0.4	%		365		0.4	%
Commercial mortgage-backed securities ("CMBS")		1,987		2.2	%		2,503		2.7	%		2,916		3.1	%
Asset-backed securities ("ABS")
Collateralized loan obligations ("CLOs")		8,161		9.2	%		8,512		9.3	%		9,484		9.9	%
Other ABS		6,542		7.4	%		7,713		8.4	%		9,484		9.9	%
Municipals		2,511		2.8	%		2,424		2.6	%		2,378		2.5	%
United States and foreign government		872		1.0	%		1,153		1.3	%		1,241		1.3	%


Hybrid and redeemable preferred securities		248		0.3	%		236		0.3	%		208		0.2	%
Total fixed maturity AFS securities, net of modified coinsurance and funds withheld
investments and allowance for credit losses, at amortized cost		88,558		100.0	%		91,982		100.0	%		95,404		100.0	%

Trading Securities, Net of Modified Coinsurance and Funds Withheld Investments		506					434					419
Equity Securities, Net of Modified Coinsurance and Funds Withheld Investments		307					561					398
Total fixed maturity AFS, trading and equity securities, net of modified coinsurance and funds
withheld investments and allowance for credit losses, at amortized cost		89,371					92,977					96,221
Modified coinsurance and funds withheld investments		11,426					10,738					9,454
Total fixed maturity AFS, trading and equity securities	$	100,797				$	103,715				$	105,675

(1) Net investment income and net gains (losses) related to assets held by us to support certain modified coinsurance and funds withheld agreements are included in periodic payments to or from the reinsurers, resulting in the economic benefits of these assets flowing to the reinsurers. Accordingly, these assets have been excluded from summaries provided on pages 23 and 24 as we have a limited economic interest in the assets.

Tab le of Contents


Lincoln Financial
Fixed-Income Credit Quality
Unaudited (millions of dollars)

	As of 6/30/25					As of 12/31/25					As of 6/30/26
	Amount		%			Amount		%			Amount		%
Fixed Maturity AFS Securities, Net of Modified Coinsurance and Funds Withheld Investments
and Allowance for Credit Losses, at Amortized Cost (1)
NAIC 1 (AAA-A)	$	53,585		60.4	%	$	55,596		60.4	%	$	58,223		61.0	%
NAIC 2 (BBB)		31,935		36.1	%		33,291		36.2	%		34,130		35.8	%
Total investment grade		85,520		96.5	%		88,887		96.6	%		92,353		96.8	%

NAIC 3 (BB)		934		1.1	%		994		1.1	%		1,090		1.1	%
NAIC 4 (B)		1,952		2.2	%		1,966		2.1	%		1,820		1.9	%
NAIC 5 (CCC and lower)		78		0.1	%		63		0.1	%		107		0.1	%
NAIC 6 (in or near default)		74		0.1	%		72		0.1	%		34		0.1	%
Total below investment grade		3,038		3.5	%		3,095		3.4	%		3,051		3.2	%
Total	$	88,558		100.0	%	$	91,982		100.0	%	$	95,404		100.0	%


Commercial Mortgage Loans, Net of Modified Coinsurance and Funds Withheld Investments,
at Amortized Cost (1)(2)
CM1 (AAA-A)	$	13,329		76.3	%	$	12,814		73.3	%	$	12,353		70.5	%
CM2 (BBB)		4,083		23.4	%		4,527		25.9	%		4,952		28.3	%
CM3-7 (BB and lower) (3)		61		0.3	%		141		0.8	%		203		1.2	%
Total	$	17,473		100.0	%	$	17,482		100.0	%	$	17,508		100.0	%


Total Fixed Maturity AFS Securities and Commercial Mortgage Loans, Net of Modified
Coinsurance and Funds Withheld Investments, at Amortized Cost (1)(2)
AAA-A	$	66,914		63.1	%	$	68,410		62.5	%	$	70,576		62.5	%
BBB		36,018		34.0	%		37,818		34.5	%		39,082		34.6	%
BB and lower		3,099		2.9	%		3,236		3.0	%		3,254		2.9	%
Total	$	106,031		100.0	%	$	109,464		100.0	%	$	112,912		100.0	%

(1) Ratings are based upon the designations determined and provided by the National Association of Insurance Commissioners (“NAIC”) or based upon ratings from credit rating agencies to derive the NAIC designation.

(2) CM Ratings reflect the risk-based capital risk category for commercial mortgage loans. Letter ratings are assumed NAIC equivalent ratings where NAIC 1 = CM1, NAIC 2 = CM2 and NAIC 3-6 = CM3-7.

(3) Includes mortgage fund limited partnerships classified as CM3 that are included in “Other investments” on the Consolidated Balance Sheets.

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	Lincoln Financial
	Select GAAP to Non-GAAP Reconciliations
	Unaudited (millions of dollars)

		For the Three Months Ended												For the Six Months Ended

			6/30/25		9/30/25		12/31/25		3/31/26		6/30/26	Change			6/30/25		6/30/26	Change
	Net Income
	Net income (loss) available to common stockholders – diluted	$	688	$	411	$	745	$	(211)	$	1,321	92.0	%	$	(69)	$	1,109	NM
	Less:
	Preferred stock dividends declared		(11)		(34)		(11)		(34)		(11)	0.0%			(46)		(46)	0.0%
	Adjustment for deferred units of LNC stock
	in our deferred compensation plans		—		—		2		(5)		—	NM			—		(5)	NM
	Net income (loss)		699		445		754		(172)		1,332	90.6	%		(23)		1,160	NM
	Less:
	Net annuity product features, pre-tax (1)		405		410		515		(695)		1,497	269.6	%		(687)		802	216.7	%
	Net life insurance product features, pre-tax		(58)		(22)		(5)		22		(50)	13.8	%		(15)		(28)	-86.7	%
	Credit loss-related adjustments, pre-tax		(25)		(38)		(43)		(20)		(37)	-48.0	%		(53)		(57)	-7.5	%
	Investment gains (losses), pre-tax		(81)		(35)		(101)		(42)		(197)	NM			(183)		(239)	-30.6	%
	Changes in the fair value of reinsurance-related
	embedded derivatives, trading securities and certain
	mortgage loans, pre-tax (2)		14		(191)		65		179		(85)	NM			(76)		94	223.7	%






	Gains (losses) on other non-financial assets, pre-tax		—		—		(14)		(6)		—	NM			—		(6)	NM
	Other items, pre-tax (3)(4)(5)(6)(7)		75		(105)		(27)		(111)		(12)	NM			40		(123)	NM
	Income tax benefit (expense) related to the above
	pre-tax items		(69)		(5)		(81)		141		(234)	NM			199		(93)	NM
	Total adjustments		261		14		309		(532)		882	237.9	%		(775)		350	145.2	%
	Adjusted income (loss) from operations		438		431		445		360		450	2.7	%		752		810	7.7	%
	Add:
	Preferred stock dividends declared		(11)		(34)		(11)		(34)		(11)	0.0%			(46)		(46)	0.0%
	Adjusted income (loss) from operations available
	to common stockholders	$	427	$	397	$	434	$	326	$	439	2.8	%	$	706	$	764	8.2	%



(1) Includes changes in MRBs of $(1,302) million, $932 million, $337 million, $374 million, $(997) million and $1,450 million; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $268 million, $(605) million, $30 million, $44 million, $177 million and $(115) million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $(58) million, $78 million, $43 million, $97 million, $125 million and $162 million for the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025, first quarter of 2026 and second quarter of 2026.
(2) Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction.
(3) For the third quarter of 2025, includes certain legal accruals of $(9) million; for the fourth quarter of 2025, includes certain regulatory accruals of $2 million; for the first quarter of 2026, includes certain legal accruals of $(122) million.
(4) Includes severance expense related to initiatives to realign the workforce of $(6) million, $(2) million, $(5) million, $(11) million, $(7) million and $(11) million in the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025, first quarter of 2026 and second quarter of 2026, respectively.

(continued on the next page)

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Lincoln Financial

Select GAAP to Non-GAAP Reconciliations

Unaudited (millions of dollars)

(continued from the previous page)

(5) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives consisting of $(20) million and $(5) million in the first quarter of 2025 and fourth quarter of 2025, respectively, related to the sale of our wealth management business; $(18) million and $(3) million in the second quarter of 2025 and fourth quarter of 2025, respectively, primarily related to the Bain Capital transaction; $(55) million in the third quarter of 2025 of transaction costs related to restructuring certain captive reinsurance subsidiaries; and $(22) million in the third quarter of 2025 related to Life Insurance segment persistency optimization.

(6) Includes deferred compensation mark-to-market adjustment of $(9) million, $1 million, $(14) million, $(10) million, $18 million and $(1) million in the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025, first quarter of 2026 and second quarter of 2026, respectively.

(7) Includes gain on early extinguishment of debt of $94 million in the second quarter of 2025.


	For the Three Months Ended												For the Six Months Ended

		6/30/25		9/30/25		12/31/25		3/31/26		6/30/26	Change			6/30/25		6/30/26	Change
Revenues
Total revenues	$	4,044	$	4,555	$	4,922	$	5,306	$	4,542	12.3	%	$	8,735	$	9,848	12.7	%
Less:
Revenue adjustments from annuity
and life insurance product features		(590)		39		121		327		(65)	89.0	%		(364)		262	172.0	%
Credit loss-related adjustments		(25)		(38)		(43)		(20)		(37)	-48.0	%		(53)		(57)	-7.5	%
Investment gains (losses)		(81)		(35)		(101)		(42)		(197)	NM			(183)		(239)	-30.6	%
Changes in the fair value of reinsurance-related
embedded derivatives, trading securities and certain
mortgage loans (1)		14		(191)		65		179		(85)	NM			(76)		94	223.7	%

Gains (losses) on other non-financial assets		—		—		(14)		(6)		—	NM			—		(6)	NM



Adjusted operating revenues	$	4,726	$	4,780	$	4,894	$	4,868	$	4,926	4.2	%	$	9,411	$	9,794	4.1	%

(1) Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter of 2023 reinsurance transaction.

Tab le of Contents


Lincoln Financial
Select GAAP to Non-GAAP Reconciliations
Unaudited

	For the Three Months Ended												For the Six Months Ended

		6/30/25		9/30/25		12/31/25		3/31/26		6/30/26	Change			6/30/25		6/30/26	Change
Earnings (Loss) Per Common Share – Diluted
Net income (loss)	$	3.80	$	2.12	$	3.80	$	(1.10)	$	6.72	76.8	%	$	(0.39)	$	5.65	NM
Less:
Net annuity product features, pre-tax (1)		2.24		2.11		2.62		(3.60)		7.62	240.2	%		(3.94)		4.09	203.8	%
Net life insurance product features, pre-tax		(0.32)		(0.11)		(0.02)		0.12		(0.26)	18.8	%		(0.08)		(0.14)	-75.0	%
Credit loss-related adjustments, pre-tax		(0.14)		(0.20)		(0.22)		(0.10)		(0.19)	-35.7	%		(0.31)		(0.29)	6.5	%
Investment gains (losses), pre-tax		(0.45)		(0.18)		(0.51)		(0.22)		(1.00)	NM			(1.05)		(1.22)	-16.2	%


Changes in the fair value of reinsurance-related
embedded derivatives, trading securities and certain
mortgage loans, pre-tax		0.08		(0.98)		0.34		0.92		(0.44)	NM			(0.43)		0.48	211.6	%




Gains (losses) on other non-financial assets, pre-tax		—		—		(0.07)		(0.03)		—	NM			—		(0.03)	NM
Other items, pre-tax (2)(3)(4)(5)(6)		0.42		(0.53)		(0.14)		(0.58)		(0.06)	NM			0.23		(0.63)	NM
Income tax benefit (expense) related
to the above pre-tax items		(0.39)		(0.03)		(0.41)		0.73		(1.19)	NM			1.14		(0.48)	NM
Adjustment attributable to using different average
diluted shares for adjusted income (loss) from
operations as compared to net income (loss)		—		—		—		—		—	NM			0.08		(0.02)	NM


Adjusted income (loss) from operations	$	2.36	$	2.04	$	2.21	$	1.66	$	2.24	-5.1	%	$	3.97	$	3.89	-2.0	%

(continued on the next page)

Tab le of Contents

Lincoln Financial

Select GAAP to Non-GAAP Reconciliations

Unaudited

(continued from the previous page)


(1) Includes changes in MRBs of $5.15, $1.74, $1.91, $(5.17), $7.39, $(2.12) and $2.31; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $(3.34), $0.15, $0.22, $0.92, $(0.59), $(1.93) and $0.32; changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $0.43, $0.22, $0.49, $0.65, $0.82, $0.11 and $1.46 for the second quarter of 2025, third quarter of 2025, fourth quarter of 2025, first quarter of 2026, second quarter of 2026, six months ended 2025 and six months ended 2026, respectively.
(2) For the third quarter of 2025, includes certain legal accruals of $(0.05); for the fourth quarter of 2025, includes certain regulatory accruals of $0.01; for the first quarter of 2026, includes certain legal accruals of $(0.63). For the six months ended 2026, includes certain legal accruals of $(0.62).
(3) Includes severance expense related to initiatives to realign the workforce of $(0.01), $(0.02), $(0.06), $(0.04), $(0.06), $(0.05) and $(0.10) in the second quarter of 2025, third quarter of 2025, fourth quarter of 2025, first quarter of 2026, second quarter of 2026, six months ended 2025 and six months ended 2026, respectively.
(4) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives consisting of $(0.10) and $(0.01) in the second quarter of 2025 and fourth quarter of 2025, respectively, primarily related to the Bain Capital transaction; $(0.03) in the fourth quarter of 2025 related to the sale of our wealth management business; $(0.28) in the third quarter of 2025 of transaction costs related to restructuring certain captive reinsurance subsidiaries; and $(0.11) in the third quarter of 2025 related to Life Insurance segment persistency optimization; for the six months ended 2025, includes $(0.11) related to the sale of our wealth management business and $(0.11) related to the Bain Capital transaction.
(5) Includes deferred compensation mark-to-market adjustment of $0.01, $(0.07), $(0.05), $0.09, $(0.04), and $0.09 in the second quarter of 2025, third quarter of 2025, fourth quarter of 2025, first quarter of 2026, six months ended 2025 and six months ended 2026 respectively.
(6) Includes gain on early extinguishment of debt of $0.52 and $0.54 in the second quarter of 2025 and six months ended 2025, respectively.

Tab le of Contents


Lincoln Financial
Select GAAP to Non-GAAP Reconciliations
Unaudited (millions of dollars, except per share data)

	For the Three Months Ended													For the Six Months Ended

		6/30/25		9/30/25		12/31/25		3/31/26		6/30/26	Change			6/30/25		6/30/26	Change
Stockholders’ Equity, End-of-Period
Stockholders’ equity	$	9,548	$	10,452	$	10,906	$	10,212	$	11,349	18.9	%	$	9,548	$	11,349	18.9	%
Less:
Preferred stock		986		986		986		986		986	0.0%			986		986	0.0%
AOCI		(4,392)		(3,839)		(4,058)		(4,467)		(4,578)	-4.2	%		(4,392)		(4,578)	-4.2	%
Stockholders’ equity, excluding AOCI and preferred stock		12,954		13,305		13,978		13,693		14,941	15.3	%		12,954		14,941	15.3	%
Changes in MRBs		2,869		3,136		3,431		2,643		3,789	32.1	%		2,869		3,789	32.1	%
GLB and GDB hedge instruments gains (losses)		(3,602)		(3,706)		(3,812)		(3,829)		(4,070)	-13.0	%		(3,602)		(4,070)	-13.0	%
Reinsurance-related embedded derivatives and portfolio
gains (losses)		(186)		(305)		(236)		(108)		(118)	36.6	%		(186)		(118)	36.6	%
Adjusted stockholders’ equity	$	13,873	$	14,180	$	14,595	$	14,987	$	15,340	10.6	%	$	13,873	$	15,340	10.6	%


Stockholders’ Equity, Average
Stockholders’ equity	$	8,871	$	10,000	$	10,679	$	10,559	$	10,780	21.5	%	$	8,551	$	10,670	24.8	%
Less:
Preferred stock		986		986		986		986		986	0.0%			986		986	0.0%
AOCI		(4,349)		(4,116)		(3,948)		(4,262)		(4,523)	-4.0	%		(4,510)		(4,392)	2.6	%
Stockholders’ equity, excluding AOCI and preferred stock		12,234		13,130		13,641		13,835		14,317	17.0	%		12,075		14,076	16.6	%
Changes in MRBs		2,501		3,002		3,283		3,037		3,216	28.6	%		2,575		3,127	21.4	%
GLB and GDB hedge instruments gains (losses)		(3,297)		(3,654)		(3,759)		(3,820)		(3,949)	-19.8	%		(3,162)		(3,885)	-22.9	%
Reinsurance-related embedded derivatives and portfolio
gains (losses)		(191)		(245)		(270)		(172)		(113)	40.8	%		(182)		(142)	22.0	%
Adjusted average stockholders' equity	$	13,221	$	14,027	$	14,387	$	14,790	$	15,163	14.7	%	$	12,844	$	14,976	16.6	%


Book Value Per Common Share
Book value per share	$	44.91	$	49.56	$	51.88	$	47.87	$	53.68	19.5	%	$	44.91	$	53.68	19.5	%
Less:
AOCI		(23.04)		(20.10)		(21.22)		(23.19)		(23.71)	-2.9	%		(23.04)		(23.71)	-2.9	%
Book value per share, excluding AOCI		67.95		69.66		73.10		71.06		77.39	13.9	%		67.95		77.39	13.9	%
Less:
Changes in MRBs		15.05		16.42		17.94		13.72		19.63	30.4	%		15.05		19.63	30.4	%
GLB and GDB hedge instruments gains (losses)		(18.89)		(19.40)		(19.94)		(19.87)		(21.08)	-11.6	%		(18.89)		(21.08)	-11.6	%
Reinsurance-related embedded derivatives and portfolio
gains (losses)		(0.98)		(1.59)		(1.23)		(0.56)		(0.61)	37.8	%		(0.98)		(0.61)	37.8	%
Adjusted book value per share	$	72.77	$	74.23	$	76.33	$	77.77	$	79.45	9.2	%	$	72.77	$	79.45	9.2	%